1240 W 37th Pl, Los Angeles, CA 90007

Property Description

Prime student housing development opportunity located in the highly-sought after 90007 zip code. The property is located one and a half blocks from the main University Park campus of the University of Southern California, a nationally recognized Pac-12 research university with 45,687 students and 19,596 faculty and staff members, the majority of whom desire to live in close proximity to campus. 
 
 The property itself currently consists of a 1,590 square foot single family house on a 6,600 square foot RD2 zoned lot allowing for a by-right development of up to three units (buyer to verify with the city). A developer would have the option to raze the site and construct three new units or renovate the existing house and build two additional units in the rear. The property benefits from rear alley access as well, allowing a potential developer greater flexibility with the layout of the new construction project. 
 
 The area surrounding the campus has seen and will continue to see sustained appreciation due to the recently opened LA Metro Exposition Light Rail line, the LAFC stadium opened in April and the$ 1 Billion George Lucas Narrative Art museum that recently broke ground. Additionally, USC recently completed less than a mile away from the subject property, their $700-Million Mixed-Use Project at the University Village offering major national retailers, open spaces, 2,000 student housing beds and innovative academic collaboration spaces.